Federal Resources for Minority Owned Businesses

The financial news these days is nothing but grim.  With Wall Street facing the most uncertainty since the Great Depression and credit not being readily available to those even with good credit, what do you do?  I’m sure some of you are feeling more than a little seasick from the recent tidal waves of bankruptcies, government takeovers and stock market dives. Let me tell you where you can step off onto solid ground: the government market.

In good times and in bad, the federal government always has service and product needs that can turn into a steady business for you. It may be time to develop a government-focused strategy for your business. As you learn more about the various types of federal needs, you may find that your company is a good match for doing business with the government.

Small businesses have a significant competitive advantage with the U.S. federal government. The U.S. government has set aside dollars specifically for small businesses (Refer back to a series of blogs I wrote on government contracting starting on 9-10-08, for more detail on working with the federal government).  Now, if you are a small business AND a minority owned business, there are even more advantages available to you.

The Business.gov website provides a lot of information on minority owned businesses.  One federal program that helps members of minority groups start their own businesses is called the 8(a) Business Development program. The purpose of the 8(a) Business Development program is to help small, disadvantaged businesses compete in the American economy and federal procurement market. Participants stay with the program for 9 years from the date of the SBA’s approval letter for admission into the program. Admitted companies must maintain program eligibility during their tenure and inform the SBA of any changes that might adversely affect their participant status. Take a look here for more information and to find out if you qualify for the 8(a) Business Development program.

Other federal resources for minority owned businesses include a program called the HUBZone. HUBZone is a program sponsored by the U.S. Small Business Administration that helps businesses in historically underutilized areas gain access to federal procurement opportunities. The intent is to promote economic development and employment growth in distressed geographies by establishing preferences and providing access to business opportunities within the federal government.

Take a look at Business.gov and find out more about how you can develop a government growth strategy during a stormy economic time.  And, don’t forget to review my earlier blogs on contracting so that you can get started right away!